Paisalo Digital soars on setting record date for bonus issue

Paisalo Digital soared 6.61% to Rs 143.60 after the company's board fixed 20 March 2024 as the record date for the proposed bonus issue of equity shares.

In a meeting on 31 January 2024, the company's board approved the issuance of bonus shares in a 1:1 ratio, meaning one new bonus equity share of Re 1 each will be given for every existing equity share of Re 1 each held by shareholders as of the record date. The record date, as announced, is 20 March 2024.

The bonus issue is dependent on shareholders' approval, which is being sought through a postal ballot. The voting period for shareholders spans from 8 February 2024, to 8 March 2024.

Paisalo Digital is a non banking financial company engaged in providing loans. It is primarily focusing on financing self employed borrowers. The company operates through three divisions, namely financial services division, microcredit division and alternate energy.

The company has reported 102% rise in consolidated net profit to Rs 56.46 crore on a 49% increase in total income to Rs 182.59 crore in Q3 FY24 over Q3 FY23. Profit before tax in Q3 FY24 stood at Rs 76 crore, up by 105% from Rs 37.05 crore in Q3 FY23.

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